California Resources Corporation (NYSE:CRC)‘s stock had its “equal weight” rating reiterated by stock analysts at Morgan Stanley in a research report issued to clients and investors on Saturday.

Other equities analysts also recently issued research reports about the company. Zacks Investment Research raised California Resources Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 8th. BidaskClub downgraded California Resources Corporation from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 8th. Finally, Bank of America Corporation downgraded California Resources Corporation from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $22.00 to $10.00 in a research report on Friday, June 30th.

California Resources Corporation (CRC) opened at 8.51 on Friday. The stock has a 50 day moving average of $7.44 and a 200 day moving average of $10.80. California Resources Corporation has a one year low of $6.47 and a one year high of $23.42. The company has a market cap of $363.99 million, a PE ratio of 0.77 and a beta of 6.24.

California Resources Corporation (NYSE:CRC) last released its earnings results on Thursday, August 3rd. The oil and gas producer reported ($1.83) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.63) by ($0.20). The firm had revenue of $516.00 million during the quarter, compared to analysts’ expectations of $450.17 million. The business’s revenue was up 62.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.80) earnings per share. On average, analysts anticipate that California Resources Corporation will post ($5.80) earnings per share for the current fiscal year.

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Institutional investors and hedge funds have recently bought and sold shares of the company. Commerzbank Aktiengesellschaft FI grew its position in shares of California Resources Corporation by 8.7% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 215,807 shares of the oil and gas producer’s stock worth $1,845,000 after buying an additional 17,333 shares in the last quarter. Swiss National Bank grew its position in shares of California Resources Corporation by 8.1% during the 1st quarter. Swiss National Bank now owns 67,789 shares of the oil and gas producer’s stock worth $1,020,000 after buying an additional 5,100 shares in the last quarter. State Street Corp grew its position in shares of California Resources Corporation by 5.7% during the 1st quarter. State Street Corp now owns 2,915,345 shares of the oil and gas producer’s stock worth $43,849,000 after buying an additional 156,817 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of California Resources Corporation by 12.6% during the 1st quarter. Ameriprise Financial Inc. now owns 12,152 shares of the oil and gas producer’s stock worth $182,000 after buying an additional 1,356 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of California Resources Corporation by 6.4% during the 1st quarter. Bank of America Corp DE now owns 815,237 shares of the oil and gas producer’s stock worth $12,262,000 after buying an additional 48,767 shares in the last quarter. 74.83% of the stock is currently owned by institutional investors and hedge funds.

California Resources Corporation Company Profile

California Resources Corporation is an independent oil and natural gas exploration and production company, with operating properties within the State of California. The Company produced approximately 140 thousand barrels of oil equivalent per day (MBoe/d), as of December 31, 2016. As of December 31, 2016, the Company had net proved reserves of 568 million barrels of oil equivalent (MMBoe).

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